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Economic Integration and Regional Business Cycles: Evidence from the Iberian Regions

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  • Salvador Barrios
  • Juan Jose Lucio

Abstract

This paper provides evidence of the positive impact of economic integration on EU regions' business cycles convergence by focusing on two neighbouring countries: Spain and Portugal. We show that while a rise in cross-country business cycle correlation has also been experienced by other European countries, it has been relatively more pronounced for Iberian regions. Econometric evidence suggests that the existence of an administrative border, the economic size of regions and their industrial structures can explain a substantial proportion of regional cycles. Copyright 2003 Blackwell Publishing Ltd.

Suggested Citation

  • Salvador Barrios & Juan Jose Lucio, 2003. "Economic Integration and Regional Business Cycles: Evidence from the Iberian Regions," Oxford Bulletin of Economics and Statistics, Department of Economics, University of Oxford, vol. 65(4), pages 497-515, September.
  • Handle: RePEc:bla:obuest:v:65:y:2003:i:4:p:497-515
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    References listed on IDEAS

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    1. Blanchard, Olivier & Jimeno, Juan F, 1995. "Structural Unemployment: Spain versus Portugal," American Economic Review, American Economic Association, vol. 85(2), pages 212-218, May.
    2. Bentolila, Samuel, 1997. "Sticky labor in Spanish regions," European Economic Review, Elsevier, vol. 41(3-5), pages 591-598, April.
    3. Castillo, Sonsoles & Dolado, Juan José & Jimeno, Juan F., 1998. "A tale of two neighbour economies: labour market dynamics in Portugal and Spain," UC3M Working papers. Economics 4154, Universidad Carlos III de Madrid. Departamento de Economía.
    4. Uhlig, H.F.H.V.S. & Ravn, M., 1997. "On Adjusting the H-P Filter for the Frequency of Observations," Discussion Paper 1997-50, Tilburg University, Center for Economic Research.
    5. Jimeno, Juan F. & Bentolila, Samuel, 1998. "Regional unemployment persistence (Spain, 1976-1994)," Labour Economics, Elsevier, vol. 5(1), pages 25-51, March.
    6. McCallum, John, 1995. "National Borders Matter: Canada-U.S. Regional Trade Patterns," American Economic Review, American Economic Association, vol. 85(3), pages 615-623, June.
    7. Newey, Whitney & West, Kenneth, 2014. "A simple, positive semi-definite, heteroscedasticity and autocorrelation consistent covariance matrix," Applied Econometrics, Publishing House "SINERGIA PRESS", vol. 33(1), pages 125-132.
    8. Clark, Todd E. & van Wincoop, Eric, 2001. "Borders and business cycles," Journal of International Economics, Elsevier, vol. 55(1), pages 59-85, October.
    9. Long, John B, Jr & Plosser, Charles I, 1983. "Real Business Cycles," Journal of Political Economy, University of Chicago Press, vol. 91(1), pages 39-69, February.
    10. Buiter, Willem H., 2000. "Optimal Currency Areas: Why Does The Exchange Rate Regime Matter?," CEPR Discussion Papers 2366, C.E.P.R. Discussion Papers.
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    More about this item

    JEL classification:

    • E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles
    • F15 - International Economics - - Trade - - - Economic Integration
    • R11 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - General Regional Economics - - - Regional Economic Activity: Growth, Development, Environmental Issues, and Changes

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